LIBERALS in the Golden State's mostly Democratic political precincts soon will have to grapple with a bitter truth: The only way to rescue the state from its budgetary nightmare, legislative paralysis and financial disaster may be to elect a Republican governor.

The chance to do so will be upon us faster than anyone would have thought last November when Gov. Gray Davis was re-elected. Davis now faces an almost certain recall election this fall, and his 21 percent approval rating suggests his chance of survival is dim. Voters at the same time must pick a replacement for Davis -- assuming he is turned out of office -- in what could be an electoral free-for-all.

Election of another Democrat to serve for the remaining three years of Davis' term would mean more of the same budget stalemate that at the moment has California marking time with no fiscal plan in place, legally constricted in paying its bills, its credit rating on the downslide. Whatever patchwork is agreed upon in coming weeks to postpone hard decisions and borrow our way into next year, the $38 billion two-year deficit will remain to devastate the state's decision-making all over again.

The impasse has two main components: the requirement for two-thirds legislative majorities to adopt the budget, and the Republican minority's solid opposition to any sort of tax cut or revenue enhancement to stave off what Democrats view as unacceptable spending reductions that hurt education and health. The Democratic governor and Democratic majorities in the Legislature were at a loss to find the handful of Republican votes needed for a budget deal, while the Republicans' own plan was defeated summarily.

Electing another Democrat to replace Davis will not improve the situation. That would guarantee continuation of the deadlock, with Republicans secure in the political safety of their no-tax position.

Electing a Republican governor, however, changes everything, despite the Democrats' maintaining legislative control. All of a sudden, the GOP would have a major stake in the effectiveness of the state government and the need to have a responsible fiscal policy. The chief executive would have leverage to line up Republican votes to help pass the budget by a two-thirds margin.

But which Republican should be governor? Forget about right-wingers, including the self-serving Rep. Darrell Issa who provided essential financing for the recall petition drive and wants to be governor himself. A GOP ideologist would perpetuate the standoff, futilely battling the legislative majority instead of a stubborn minority.

A moderate Republican governor would be the ticket, lining up enough support from the GOP legislators to compromise with Democrats on fair solutions of the budgetary issues -- even if that means improving the revenue stream during difficult times. How strange if that Republican should turn out to be Richard Riordan, whom Davis last year helped to defeat in the GOP gubernatorial primary.